Buying a Home in Manchester, New Hampshire
Is a Manchester NH real estate purchase something you’re considering? There are a wide variety of Manchester NH homes for sale at various price points. As one of the fastest-growing cities in the state, Manchester is close to both the seacoast areas as well as to Boston, Massachusetts. Whether you are looking for a condo, townhouse, duplex or a single-family home, Moe Archambault, a seasoned Bedford NH Realtor, has extensive knowledge of Manchester NH’s real estate market. And now, with some of the lowest interest rates in real estate history, it’s an excellent time to buy.
Benefits Of Home Ownership
You are building equity by owning real estate instead of simply renting. Equity simply means you have an ownership interest in a property that you can borrow against in the future, or the property can be converted into cash once it is sold. As you make your monthly mortgage payments and build up equity, you are in essence “scheduling savings.” Homes typically increase in value over time which is why financial experts consider home ownership to be one of the best investments you can make.
Owning a home makes you eligible for tax incentives that are not available to renters. Mortgage interest is typically a tax deduction for home owners and the tax savings can be significant. The interest you pay to the mortgage lender is deducted from your adjusted gross income. This results in a proportionally lower (though not dollar for dollar) tax obligation.
Types Of Homes In Manchester
Real estate in Manchester, New Hampshire, is as diverse as its growing population! Decide what type of house best fits your lifestyle. There are condominiums, townhouses, single family or duplex homes available to meet a variety of budgets. There are pros and cons to each choice. There is a monthly home owners fee associated with both condominiums and townhomes. Some single-family communities also have association fees.
This type of living arrangement is appealing to both single young professionals as well as small families. A condominium is usually small in size and all on one level. While condo owners own their respective units, each one shares the operating and maintenance costs of the property such as lobbies, hallways, elevators, etc. Typically you’ll be surrounded by neighbors in other condos either above, below or beside you. By choosing to live in a condominium, you are part of a larger community of other condo unit owners. While some might argue that condos are not much bigger than apartments, ownership enables you to change the inside of the unit to suit your tastes.
Duplex Or Townhouse
Duplex homes and townhouses are similar to each other since the units are attached and the buildings have some land to call their own. Townhouses usually have other units on each side and the yard is typically on the smaller side. Duplexes have a great deal of variety in their design but consist mainly of two home units joined side-by-side. Maintenance of your own yard within your fence line is your responsibility. In townhouse communities, the front yard as well as all of the common property is maintained by fees you pay to the homeowner’s association.
The final choice for a new home is a single-family house. This home is separated from other houses and comes with the most responsibilities and advantages.The maintenance of the entire property lies squarely on the shoulders of the homeowner. A single-family home boasts the greatest amount of privacy while typically commanding a higher price tag. Whatever type of home you decide to buy, Moe Archambault can work with you to navigate the Manchester NH real estate market.